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GBP / USD is holding above 1.38

The GBP / USD pair is trading up by 0.2% today, but it is holding within the sideways trend formed on Monday.

There is no important news in the economic calendar today, so fluctuations in the dollar exchange rate have the main impact on the foreign exchange market. Now the American currency is under moderate pressure amid a decline in the yield curve for 10-year government bonds.

Today, the British Prime Minister once again announced that the country will gradually and very carefully come out of quarantine. He noted that a lot of work has been done in recent weeks, thanks to which it was possible to achieve positive changes in the fight against the virus. But, the incidence may rise again if the exit from quarantine is too quick.

On the chart, the currency pair is trading within a fairly limited range. Buyers keep the price above 1.3795, which is a good signal for a renewed upward movement. In this case, the nearest target for the bulls will be the level of 1.3990.

  • Resistance levels: 1.3880, 1.3990, 1.4050;
  • Support levels: 1.3795, 1.3780, 1.3590.

The main scenario is growth towards the level of 1.3990.

An alternative scenario is a breakdown of support at 1.3795 and a decline in the direction of the medium-term target at 1.3590.

The current fundamental background is neutral. We are considering longs with moderate risks from the level of 1.3795.

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